Post-Brexit UK: Bank Of England Predicts 75,000 Job Losses

Following Britain’s departure from the European Union, the Bank of England has asserted that up to 75,000 jobs could be lost within the financial services industries.

Although the number could change depending on the final trading relationship agreed between the two sides, the bank still expects considerable job losses.

It seems to be the bank’s “reasonable scenario” for the post-Brexit UK if Prime Minister Theresa May fails to strike a specific financial deal with EU.

Read MoreYougov Poll: More Brexiters Are In Favour Of Remaining In The EU

According to BBC, Many jobs would likely move from the UK to the continent.

A poll of more than 100 finance firms by Reuters suggested that following Brexit, around 10,000 finance jobs would likely be shifted out of Britain and created overseas in Frankfurt, Paris, Dublin, Brussels, and Madrid as the most popular destinations. The Bank of England believes that 10,000 will be the number of jobs that would be lost on “day one” of Brexit.

“Once Britain leaves the EU, it could cost the City of London up to 200,000 jobs unless the Government provides a clear plan for post-Brexit operations”, the chief executive of the London Stock Exchange, Xavier Rolet, said.

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